Thursday, July 10, 2003

Students who bought the textbook "Taxes and Business Strategy" by Myron Scholes, et al., may want to reconsider the purchase. The primary author testified in court yesterday that he is "not an expert with regard to taxes". As if to prove the point, he was then forced to admit that a tax shelter he set up could not possibly have generated a profit exceeding his fee -- which may well render it an illegitimate accounting gimmick in the eyes of the IRS...